The latest on instant payments, FedNow

With the FedNow Service underway, there are several resources for credit unions to better understand the platform and payments innovations. According to Federal Reserve research released in May, strong majorities of businesses (83 percent) and consumers (75 percent) are already using faster payments, and most say they are likely to use faster payments more often in the future.

Tomorrow, NAFCU is hosting a complimentary webinar to demonstrate the Federal Reserve’s FedNow Service and discuss key considerations for onboarding to the service at 2 p.m. Eastern. Senior Vice President of FedNow Product Management Dan Baum will host the webinar.

In addition, the Federal Reserve is hosting a FedNow Town Hall Webinar Aug. 31. During the 90-minute event, attendees will hear from financial institutions that are live on FedNow about their launch experiences and use cases within instant payments. Registration is available online.

As demand continues to grow, here are four things that are important to know for financial institutions just getting started on the instant payments journey:


continue reading »